Paris: Teodorin Obiang's mansion sold at auction by French courts
French courts are putting up for sale the townhouse of the son of Equatorial Guinea's president, seized in a case involving illegally acquired assets.
Paris: Teodorin Obiang's mansion sold at auction by French courts
A Parisian townhouse belonging to Teodorin Obiang is to be sold at auction in the coming months, on the orders of French courts. Agrasc, the agency responsible for managing seized assets, announced details of the procedure on Saturday 27 June, as reported by franceinfo.
The property is valued at nearly one hundred million euros. It is located at 40 and 42 avenue Foch, not far from the Arc de Triomphe. Its surface area is approximately 4,000 m² and it contains around fifteen dwellings, some of which are 400 m². The proceeds from the sale must be returned to the people of Equatorial Guinea.
The process will take place in two phases. A first phase, until 9 July, will consist of a call for candidates to assess the financial capacity of applicants. Then, in September, those pre-selected will receive the list of lots and will be able to submit their initial proposals in October.
Teodorin Obiang was found guilty by French courts of holding "illegally acquired assets" and money laundering of corruption. His father has held power in Equatorial Guinea for nearly half a century. Sara Brimbeuf, spokesperson for Transparency International, warns of the difficulties of this operation: corruption remains endemic in the state and the restituted funds could again be misappropriated.
Source: franceinfo
Source: franceinfo - Justice